Question

Has Covid-19 affected retirement for many people?

Answer 1

Yes, the pandemic has affected retirement plans for many people. Due to the pandemic, businesses have been affected around the world and many companies are laying off their staff or paying lesser salaries to avoid or reduce losses.

In such cases, companies often lay off people who are nearing their retirement age than the younger working population. This has forced many people to take on early retirement which will have an impact on their savings as well as retirement benefits and plans.

Also, those people who have not been laid off by their companies may change their retirement plans to ensure that they can get a steady income for a longer period to sustain the pandemic and survive the increasing cost of living without it affecting their retirement savings and investments.

Therefore, we can say that the pandemic has impacted the retirement plans in both manners. Some are forced to delay their retitmnet plans while others are forced to take early retimenet.